CFTC Approves First U.S.-Regulated Bitcoin Perpetual Futures, Opening Door for Hyperliquid Onshore

CFTC Chairman Michael Selig announced on May 29 that the United States is paving the way for on-chain derivatives markets like Hyperliquid to come onshore, marking a significant regulatory shift. The agency approved the first U.S.-regulated Bitcoin perpetual futures contract on a registered exchange and issued a policy statement outlining how perpetual contracts should be listed under CFTC oversight.

Selig framed the move as bringing crypto derivatives activity—which already dominates trading globally—into a regulated American framework rather than allowing it to remain offshore. Unlike traditional futures, perpetual contracts have no fixed expiration date and use periodic funding payments to maintain alignment with spot markets, making them well-suited to crypto's 24/7 trading environment. While the CFTC signaled openness to on-chain platforms, the agency stated that perpetual products will undergo case-by-case review to address leverage, manipulation risk, customer protection and market integrity concerns.